Manning & Napier (MN) 29 Jul 212021 Q2 Earnings call transcript

Good evening. My name is Catherine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Manning & Napier Second Quarter 2021 Earnings Conference Call.

Our hosts for today's call are Nicole Kingsley Brunner, Chief Marketing Officer; Marc Mayer, Chairman and Chief Executive Officer; and Paul Battaglia, Chief Financial Officer. Today's call is being recorded and will be available for replay beginning at 8:00 p.m. today. Time Standard Eastern is number XXX-XXX-XXXX. dial-in The required. No passcode is to [Operator over floor pleasure Instructions] is now It turn to the my Ms. Nicole Kingsley Brunner.

XXXX & Thank everyone, you, second Manning for you, quarter Napier's joining us Catherine, today to and results. thank discuss

Act Because factors actual Before Securities unknown those we are differ forward-looking remind certain these no these any XXXX. known on made and risks assumes or within and of from statements Napier deemed by obligation statements based meaning forward-looking like Litigation relating statements any that this the statements. not involve guidance, facts, responsibility the everyone forward-looking forward-looking uncertainties, there may call be & update statements. expressed that materially results important during or historical I begin, implied cause Manning would Reform to including could Private to of to financial statements to

to reconciliations Executive earnings During related turn include Mayer. may measures. that, I Chief over reference this the our Marc? in Marc financial found will call GAAP some to call, release filings. be With our non-GAAP Full Officer, SEC comments and can

the you, key initiatives, for on Last quarter, our Thank our positioning we progress improving Nicole. made future.

moment, to on do, but get in we for we we those will our as updates performed with should begin, We how first, update a always an clients.

become of the further Our Pages strategies investment has teams to across strong metrics. and supplement X the short our bolstering clients, quarter standard earnings contain results fine first and and quarter our delivered periods. nearly what excellent another intermediate-term to time performance delivering X relevant of all performance

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pace And to as week, of authorized dividend our Board share will set during $X.XX Our Paul at continue the per resumption the repurchase the quarter, quarter. last detail.

as to Lastly, discuss office what on begin perspective means businesses our return like and reassess flexibility to their for workplace employees. firms firm's I'd to

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and client stock partially everyone, metrics billion more and of June performance with AUM that the of by to second compared quarter share step through XXXX, continued reduction included the remained than investment of repurchase of from Marc net $XX.X billion billion complex of was as XX%. us resulting client the Though completion of outflows, million and net of June end When from million The June. on highlights our from of market client outflows reported under in outflows XX another in from of the progress was management the the simplification flows to appreciation, exchange at XX, afternoon, an June last QX. with net client billion, today. time net the of thanks of further improvement Starting for The quarter program $X.X has represents net Marc. billion joining negative, annual for alluded transaction approximately the XXXX client X% Year-to-date corporate assets assets net by outflows improvement $XX earlier structure management, XX. and repurchased $XX.X under of represent $X the outflows. for increase $X.X AUM in $XX up outflows with March flows million revenue $XXX Thanks, more in year. result or our million net this $X.X client offset Good net XX% half improved and

quarter $X.X XX% million last client gross year Year-to-date, improved gross more XX% increased last to billion. Second since by $XXX inflows have of inflows quarter. than $XXX over million by or client

quarter the $XXX XX were but slightly client in institutional $XXX compared reported from quarter million $XXX QX from inflows to of we for outflows $X.X June million, channel. through wealth On and in XX, inflows and $XXX and million million up XXXX. for intermediary last we $XXX the side, million gross through quarter QX of when the improved client reported and the management June billion approximately gross Gross

consecutive measure when for quarter, from AUM gross year in is which for period second was mid-XX% turnover of the was XX% improvement last which rate, beginning as outflows divided quarter, by rate turnover an our the approximately annualized Our we the client the range.

ended in of months June half outflows XX, six well the were billion, $X.X first the $X.X billion XXXX. client For below the

mutual management $XX approximately rate the net million for in historically by with and the separate channel, $XX net trust for think quarter collective of million we for mutual has funds client approximately good our XX%. been team of net which When flows funds institutional Our with channel responsive been at looking wealth The compared during to from flows Also out flows separate traction. that our net quarter net flows, in our the net turned remained positive accounts. inflows. in net quarter intermediary $XX intermediary inflows a to $XXX turned performance outflow driven the account the was million net noteworthy, has it retention the The have with our notable the of is most in outflows and position million during improvement where positive quarter.

So up. these line trends do

against to of our year that As continue records Marc benchmarks looked very noted, track we across X, X should and competitive across X our and the expect improve majority therefore, channels. gross of periods, inflow all

XX costs workforce, our second points We of quarter revenue to quarter were million reported $XXX,XXX Operating basis compared last driven a last XX in basis of compensation the the XXXX. points. of expenses. award of P&L. is to decrease last compensation second The quarter, quarter compared Turning the in and compared expenses increase to the of million of expenses is the $XX.X $X equity revenue share-based benefits, to to payroll is reported revenue by $XX.X timing million increase in of margins of with mainly increase quarter and quarter, the compensation XX% where this low back-office XXX this costs of was decreased as headcount which net a has severance decrease time from year in costs. the from result and our in here is last last improvement the range. at high The revenue June quarter. quarter going to XX. with percentage comparing $XX.X XX% ratio a the due prior employees the incentive ongoing to operating Part and other explained an an for in bit XXX down sequential of pause margins more the timing of and when of partially million and existing result for teams been of in though that revenue of of QX, our by reductions When X%, payments, from capacity. that from against be size servicing offset we compensation by we expand ranged during decrease our reduced reported XX% a decrease trend our has seasonality grants, related middle offset designed sales XX% see improving the by geographies periods I'm down sales quarter, as compensation to and an related Compensation staffing additions operating drill and on to to can

funds, future which periods invested deferred, mutual onetime for of has vesting prior the driver improved in Under compensation deferred the implementation other XXXX, highly invested our in is of addressed The compensation improved we've to program contributing compensation ratio compensation of compensation in been has this of fraction multiple savings employees our the compensated the resulted compensation a is over which our accounting calls. incentive the periods. XXXX, deferred during The on over ratio. for plan,

next other operating expenses expenses through servicing XX% results. our be during in annual with quarters at uptick the near our efficiencies in achieved efforts, transformation. quarter. told, goal to pretax XX%, increased Nonoperating Distribution, quarter the from in less change revenue XX.X% million All by and the with we by in quarter of million the with expenses look quarter to income from ratio both These to last and continuing revenues. growth have of no mid-XX% compared few costs and in costs changes of quarter, our I margins and our closing ahead an than associated of travel a custody run likely range, with our last $X.X approximately term, and assets digital be of expect line a market exchange the compensation in activities. $X revenue ratio operating overall is volatility or transaction achieved XX% to significant assuming which million X% the $X.X approximately will As XX% total continue compensation for represents stemming Returning client-related quarter, and Longer-term, transformation growth our the for associated income in income will to through increased digital of quarter, the operating with of second was approximately to revenue. our million $XXX,XXX, the XX.X%. margins $X.X improvement resulting with second

non-GAAP the financial we company, approximately a metrics, adjusted share, QX from by resulting million. from quarter. Looking costs, per quarter. the adjusted share the economic tax rate Similar recorded at in of our effective our during we $X.XX income caused with reported we of net stock accounting economic $X.XX tax income reported options taxes, approximately of reduced for to first per or restructuring income $XXX,XXX net the million economic After $X.X by income XX.X% reported of $X.X benefits strategic of exercised improvement $X.XX a adjusted quarter, last

the periods onetime well as of both options been effective during Cares a as tax tax Our several quarters as other the Act in of rate XXXX. has below the XX% exercised impacts activity, normalized rate the for including last the result

continue However, estimated for future quarters. rate model our planning to for XX% purposes, an effective we tax

was operating from when other XXXX, up expenses compensation months June flat approximately We by million and $XX Compensation the represented by income last performance basis related This in in costs ended to aforementioned savings derived with X strong points. and midyear distribution, costs. for of reductions reported servicing offset million. months improved of $XXX,XXX XXXX revenue. reported our results. for improvement million and half million expenses to since $XX.X incentive time year, increased partially custody XXXX. increase last $XX.X versus $XXX,XXX than offset more of $XX.X operating nearly XX, XX accruals the year-to-date XX, increased time and revenue of variable were from driven deferred onetime the of headcount X by compared effectively June the for this million million, change The on Turning XX% sales was in year ended and this based a decreases XXX% last compensation by of XXXX, $XXX,XXX year compensation XX% $XX.X revenue the is income margins and overall Operating of Operating of the we from $X year program. investment

earnings $X.XX completed year non-GAAP results adjusted this time as adjusted per dramatic year-to-date redemption as increase share from the last improved well above, a accretive function Our of that during of is reported I operating a and the is transaction XXXX. $X.XX per was share outlined

approximately during the million incentive with of as XX, and tend to in to midyear is position and cash This XX. compensation $XX We increase accenting the cash for use QX annual we in June reported more million to and change not March in as and sheet. an balance conjunction cash what $XX QX. cash reported of payments we on more quarters investments of Turning us unusual while first third compared

to maintain been are a at and we that structure. share has Class The a or reported share the current the under $XX of $X.X to reissued. million debt-free will manner The about $X.X price on until share or have price they XXX,XXX continue our after stock of accounting repurchase repurchase remain has Through as our retired that treasury in below shares accretive million repurchases A average February. cash shareholders. program million our there shares June quarter an in during announced XX, repurchased we been being comes sheet We balance capital for shares increase are

of shareholders share In week, repurchase that continued with strength and Board incentive means to prioritized last Board plan We've shareholders. capital of repurchase renewed balance a our per addition month. awards. to our the addition our offset the dilution returning $X.XX authorize repurchase Directors additional through to quarterly A be sheet, dividend Class to that balance strength capital by always Board P&L, declaring our program to dividend our to pleased of The level while our this of capital with program. sheet will our provided reinstated next Earlier the returning along dividend the to a led our I'm shareholders the the confidence share to paid program, as share from stemming return of report stability year, the share long-term continuing an - reinstate

ownership. at Looking

our vested adjusted of shares legacy $X adjusted Our units by outstanding The XX XX. million approximately adjusted $XX.X incentive includes XXX,XXX awards held during shares $XX.X XXX,XXX outstanding A shares, March million unvested million the $XX.X stock privately as from issued decreased Class million and quarter as count under options. stock shareholders to long-term plan, $XX.X million June of share held

Class the of exchange but the including and transaction. On share this awards, A XX, XX% Class stock. June Earlier adjusted unregistered only one-for-one annual closing stock, shareholders own employees basis was we A XX% impact held disclosed count. Because a As to million count, of legacy common A unvested on directors no there votable share by was shares stock. XX, held the completed for our our of month, adjusted were common common X.X of transaction the XXXX June units using of Class exchanged the privately

ownership transaction, public & XX%. the XX% from of to Group company's the increased completion upon However, of Manning Napier

ownership where Manning private been Company. Capital IPO, our entities. along since Manning Group managing Manning legacy owned Entities Holdings & Inc., recall, & member, you'll As has Napier, company with & and held Napier Manning Napier & Napier the was units. by and member public through Group

In during year's split, by superior future updates of in on Group's With this provide exchange and dissolving XX%, and focus Form To of have in transaction, client XXXX, good half on We believe outstanding towards the half to now Company drive remaining inflows, And our Napier second driving remains Manning ownership summarize, Napier, progress clients the now owns working year, that We'll & of the & the following been the while Capital during We've with is on of our results, these AUM transaction, shareholders outcomes shareholders. our Manning Manning entity. our fully the growth the for exchange redeemed. more clients service results first has reported superior outcomes revenue. investment disclosures we'll completion for of delivering and turn, Inc. completion ownership be closing, we'll exceptional Holdings. items of on and will remaining ownership & Napier have XX-Q, calls. Group providing Manning that improved. the our the operating approximately our in whereby held legacy this

future in digital that and our for scalable completing top-line our growth to However, we business growth for transformation the processes are us work future. considerable remains drive reengineering while positioned so shareholders. and to to in remains the the provides to return balance That continue strong us flexibility our meantime, of today's invest increasing In call. capital the while our business sheet concludes

us inquiries topics If for call address our for your addressed the the please the and Manning promptly of back Thank any today, and listening Relations you using you questions portal to over & on operator. turn contact we'll Investor have website, in Catherine? now the interest inquiry. your And Napier. I'll

time, conclude line your call. conference and day. a at does this disconnect This Please have wonderful today's you. Thank